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Pull back to 9400 over. Failure to hold above 9110 triggers selloff. Be alert.

As updated in last post, nifty rallied to 9438 from 9230 levels successfully.
Now as per latest data update, Nifty critical support at 9110-9090 zone.
Bulls need to protect this support zone to continue upward momentum.
Failure to hold this critical support 9100 means Major down trend has resumed its journey.
Hence, Avoid fresh long positions. If you holding long positions, keep strict stoploss at 9080 spot level.
Close below 9100 would trigger huge selloff in coming sessions.
Candlestick charts formed negative reversal formations since last two days.
Unless we close above 9280, down ward move likely to continue further.
Below 9090, major support at 9000 level.
Majority of options open interest existing at this level.
Hence, breaking below 9000 would confirm the major trend (down ) resumed on downside.

Be alert.
Keep watch 9090-9000 support zone.

Regards,
Suryadev Bandari
Research Analyst

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Up move to continue. New Highs to form again.

Nifty recorded new high on Friday 12311.20
After recording new high, nifty faced minor selling pressure and dipped down to 12217 level.
There again Bulls entered fresh longs and index closed nearly 12256 level.
Today, Nifty again likely to record new highs and this up move to continue more towards 12360-12375 levels.
Major High beta stocks ready to move higher levels.
Banknifty did not made new high on Friday, so most probably , banknifty to test previous highs today and may record new high.
Avoid short selling. This is buy on dips market.
Nifty Resistance 12360-12375-12400.
Support 12210-12170.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

Nifty@ New High. More to come.

As expected in last update, Nifty took support around 11900 and rebounded yesterday above 12000 level.
Bulls succeeded to close nifty above 12050 resistance zone.
Today it marked new all time high.
This upmove to continue further with short covering rally and fresh long positions.
12250-12300 next upward levels to watch for.
Regards,
suryadev bandari
research Analyst
www.earningwave.com

Down trend to resume again. Do not fall in Bull Trap.

Nifty achieved our previous downside target zone 7700-7500.
From there it bounced back to 8700+ today.
As per the updated data, this bounce is in corrective pattern only.
Its a Bull trap. Bulls should avoid falling in this trap. This bounce is short term only.
Down trend to resume again and it can break 7500 levels too.

Stay Cautious.

Investors need to wait for some time.
If possible, short sellers can initiate fresh shorts in Index with stoploss above 9100 lvels.
This is for High risk traders only. Nifty daily range become huge so both risk and rewards also huge.
Trade Accordingly.

Today is March Series FnO expiry, so we can see huge volatility in Market.
Market taking short breath only. Bears strikes again.

Avoid fresh long positions.
Its a sell on rally market, But due to restrictions on short selling, not everybody can short sell in this market. Conditions apply.

Resistance 9000-9100.
Downside levels 7700-7500.

Regards,
Suryadev Bandari
Research Analyst